Last Updated on April 10, 2021
The bullish run of the BTCUSD has been profitable for the bitcoin brokers since the year began. Most investors would anticipate another bullish run should the price closes above the $60,000 mark in the coming days.
It will interest the bitcoin broker to know that the mining cost is high considering that the mining of cryptocurrency is an energy-intensive operation with a high operation price.
Apart from selling their BTC to free up capital to bolster the processing power with new machines, miners can now look into the DeFi space and other avenues within the crypto space to generate revenue on their BTC holdings.
Let’s see how that reflects on the charts and other exciting news/events in the crypto space.
BTCUSD Technical Analysis
Monthly Resistance levels 60,000, 13960
Monthly Support levels 13000, 3000
The Bullish run of bitcoin has been slowed around the $60000 zone as March ended and having gained over 200% since it closed above the point B level of resistance since late last year.
The bullish steam may weaken a bit as miners sell off their BTC for profits. These actions will make the bitcoin price drop for it to find support before another bullish rally.
The Bears are pushing down bitcoin’s price due to miners dumping over half a million of their BTC in anticipation of a fall in price. However, if the Bulls’ momentum is more substantial, we may see more miners holding their coins for another bullish surge in the future.
Weekly Resistance levels 59000
Weekly Support levels 43000, 28851
Looking at the weekly time frame, we can see that the BTCUSD resistance levels have been holding for the past three weeks, and it may lead to a correction of the bullish trend on the time frame we are analyzing.
If the bears can push down the price of BTC, we may see it rest at the 43000 levels for support, but if the bearish surge should close below the $43000 zones, we may get another swing that will push the price of bitcoin to the $30000 level.
BTCUSD Daily Chart
Daily Resistance levels 58570
Daily Support levels 50294, 49050
Since the covid19 pandemic started, efforts to stabilize the economy began with the race to keep consumer spending in place by printing out monies in the form of a stimulus package to recover from the global recession. However, the value of bitcoin rose from $3000 to about $62000 since the pandemic began.
The bearish momentum is supported by the signal line on the oscillator, indicating that the buyer’s strength is weak at the moment and that the bitcoin price could correct a bit.
The recent waves of covid19 in Europe and other Asian countries are not helping in the quick recovery of those countries’ economies. More industries are now embarrassing blockchain and other asset classes as means of diversification and investment.
Bitcoin BTC News Events
Playboy on Blockchain.
A famous entertainment group known as Playboy announced its partnership with multiple artists in collaboration with NFT. The Gemini exchange deals in sales of digital art, and they own the NFT platform.
However, Playboy is known as a media company, and for its erotic art in the entertainment world, they have over a 1.5million followers on tweeter. This process will allow the company to curate over 75years of art collection and archived arts and photographs stemming mainly from its magazine.
Similarly, Time Magazine also entered into the NFT space, auctioning off iconic covers from the 1960s to the present day.
Recently, in the BTC community, the developers and its users have reached an agreement on the activation of Taproot. This upgrade will improve BTC privacy and flexibility since its last upgrade as of 2017 (SegWit).
If the speed trial is okay and successful by May ending, we may see the promotion come up online in November 2021.
Conclusion and Projection
In conclusion, for the week, it was observed by the crypto market data provider (C0inMarketCap) that the average weekly asset inflows across all the major digital asset investments dropped by 70% in February to $150million. Meanwhile, from February to March, all assets across all digital asset investment products grew by 8.75% ($58 billion) as of March 22, 2021.
As miners are selling off their bitcoin and some are holding in anticipation of another bullish surge, we may have to wait for the market to decide which direction it wants to take in the long run.